Future Retail secures deal to open 7-Eleven stores in India

The logo of 7-Eleven is seen at a 7-Eleven convenience store in Tokyo, Japan December 6, 2017. REUTERS/Toru Hanai

(Reuters) - U.S.-based 7-Eleven Inc expects to open its first branded store in India this year, after reaching a deal with Future Retail Ltd to run the chain in the Asian nation.

Future Retail, which operates local retail chains such as Food Hall and Nilgiris, plans to set up 7-Eleven stores from scratch and convert some of its existing operations into the U.S. brand, the company said in a statement.

Shares in Future Retail, founded by Kishore Biyani has 1,444 stores, closed up 3.2 percent after the announcement.